If you justify the development salaries better you can 100% get my vote. This is a very niche salary that you have to make good use for. For now, I'm a strong no.
I have been in charge of filtering, interviewing and hiring developers from all over. Sponsoring them to come over, or contracting them. I know exactly what hiring cheap labour does to your codebase so I'm not asking you to change the strategy, because if you do what others are telling you to do in the comments, I'll be the biggest NO activist.

Anyway, look at the comments, give a good explanation of why that's the budget and I'm sure we'll mostly agree. You can't expect a quick yes without explaining.

Cheers